India: Cheese Market 2024

Cheese Market Size in India

The Indian cheese market surged to $X in 2021, jumping by 787% against the previous year. Overall, consumption, however, saw a drastic downturn. Cheese consumption peaked at $X in 2013; however, from 2014 to 2021, consumption failed to regain momentum.

Cheese Production in India

In value terms, cheese production reduced to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +4.4% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2017 with an increase of 11% against the previous year. Over the period under review, production hit record highs at $X in 2020, and then shrank in the following year.

Cheese Exports

Exports from India

In 2021, the amount of cheese exported from India reduced to X tons, declining by -7.7% against 2020 figures. In general, exports, however, continue to indicate prominent growth. The pace of growth was the most pronounced in 2014 when exports increased by 35%. The exports peaked at X tons in 2020, and then dropped in the following year.

In value terms, cheese exports reduced to $X in 2021. Overall, exports, however, enjoyed a prominent expansion. The growth pace was the most rapid in 2014 when exports increased by 35% against the previous year. Over the period under review, the exports attained the maximum at $X in 2020, and then dropped in the following year.

Exports by Country

The United Arab Emirates (X tons), Bhutan (X tons) and the United States (X tons) were the main destinations of cheese exports from India, with a combined 55% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Bhutan (with a CAGR of +58.2%), while the other leaders experienced more modest paces of growth.

In value terms, Bhutan ($X), the United Arab Emirates ($X) and the United States ($X) were the largest markets for cheese exported from India worldwide, together comprising 58% of total exports.

Bhutan, with a CAGR of +66.7%, recorded the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average cheese export price amounted to $X per ton, remaining relatively unchanged against the previous year. Over the last nine-year period, it increased at an average annual rate of +2.2%. The pace of growth was the most pronounced in 2017 when the average export price increased by 9.7% against the previous year. The export price peaked at $X per ton in 2020, and then contracted in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Qatar ($X per ton), while the average price for exports to Singapore ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+7.6%), while the prices for the other major destinations experienced more modest paces of growth.

Cheese Imports

Imports into India

In 2021, approx. X tons of cheese were imported into India; growing by 45% compared with 2020 figures. In general, total imports indicated a modest expansion from 2012 to 2021: its volume increased at an average annual rate of +1.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -23.4% against 2019 indices. Imports peaked at X tons in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

In value terms, cheese imports skyrocketed to $X in 2021. Overall, imports, however, showed a relatively flat trend pattern. Imports peaked at $X in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Denmark (X tons), the UK (X tons) and Italy (X tons) were the main suppliers of cheese imports to India, together comprising 46% of total imports. These countries were followed by Estonia, Germany, Vietnam, the Netherlands, the United Arab Emirates and France, which together accounted for a further 37%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Estonia (with a CAGR of +1,152.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest cheese suppliers to India were Denmark ($X), the UK ($X) and Italy ($X), with a combined 46% share of total imports. These countries were followed by Estonia, the Netherlands, the United Arab Emirates, Germany, Vietnam and France, which together accounted for a further 39%.

Estonia, with a CAGR of +1,309.0%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average cheese import price stood at $X per ton in 2021, growing by 5.6% against the previous year. In general, the import price, however, showed a pronounced decline. The pace of growth appeared the most rapid in 2017 an increase of 14% against the previous year. The import price peaked at $X per ton in 2014; however, from 2015 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Italy ($X per ton), while the price for Germany ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Estonia (+12.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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